BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Putin Approves New Law To Boost Cryptocurrency Adoption

by Sham
November 29, 2024
in Crypto, Featured, Finance, Politics
A A
Putin Approves New Law To Boost Cryptocurrency Adoption
7
SHARES
Share on TwitterShare on Reddit
  • Russia has officially recognized cryptocurrencies like Bitcoin (BTC) as a form of property under a new law approved by President Vladimir Putin.
  • The law exempts cryptocurrency mining and sales from value-added tax (VAT), potentially promoting increased adoption and use of cryptocurrencies.
  • A two-tiered tax system will apply to individuals buying, selling, or trading cryptocurrencies, with rates of 13% for income up to 24 million rubles and 15% for amounts above that.

The Russian government has passed a new law that legally defines cryptocurrencies like Bitcoin as property. This is a major development that could increase crypto adoption in the country.

NEW: 🇷🇺 Russia has passed a new law recognizing cryptocurrencies like Bitcoin $BTC as property for international trade pic.twitter.com/nrQtYipmu2

— BlockNews (@blocknewsdotcom) November 29, 2024

New Law Focuses on Crypto Mining

The law excludes cryptocurrency mining and sales from value-added tax (VAT). This tax exemption could encourage more people and businesses to get involved with cryptocurrencies.

Miners’ income will be taxed as “income in kind” at market rates, with deductions allowed for mining costs. Corporate miners will start paying a 25% tax on revenues in 2025.

Mining operators must disclose which companies use their services. Failure to provide this information on time can result in a 40,000 ruble fine.

Two-Tiered Tax System for Crypto Profits

The law establishes a two-tiered tax system for those who buy, sell or trade cryptocurrencies:

  • 13% tax on income up to 24 million rubles
  • 15% tax on income beyond 24 million rubles

This provides clarity on how crypto profits will be taxed.

Analysis of the New Law

The law enables digital currencies to play a bigger role in Russia’s economic policy while strengthening government oversight.

Along with Donald Trump, Vladimir Putin is emerging as a pro-crypto president. The law could also be a step toward de-dollarization.

yahoo.com

Overall, the legislation sheds light on how Russia aims to control and benefit from the cryptocurrency industry. By embracing crypto, the government may be able to reduce reliance on the US dollar.

Tags: BitcoincryptoCryptocurrenciesRussian governmentVladimir Putin
Tweet2ShareShare3

DON'T MISS THESE! HOT OFF THE PRESS

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?
Crypto

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

May 28, 2025
tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?
Crypto

tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

May 28, 2025
Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge
Crypto

Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

May 28, 2025
Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally
Crypto

Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

May 28, 2025
Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K
Bitcoin

Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

May 28, 2025
Cardano Transaction Boom: ETF Buzz Pushes ADA Toward Possible Breakout
Cardano

Cardano Transaction Boom: ETF Buzz Pushes ADA Toward Possible Breakout

May 28, 2025
Load More

Related News

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

May 28, 2025
tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

May 28, 2025
Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

May 28, 2025
Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

May 28, 2025
Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

May 28, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.